Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Statistics and Probability Expert

Problems based on Normal Distribution

Bank Accounts: You work for the business analytics department of a large commercial bank, and you learn that the balances of small-business accounts are distributed on the log-scale according to a normal distribution. You also learn that lower and upper quartiles of the balances are $500 and $50,000, respectively. In the following sub-problems you will end up inferring in small steps what a 95% range of the bank balances is. (For ease of grading, use the memorized rounded multipliers for normal quantiles, not the more exact values from the tables or calculators.)

a) What are the lower and upper quartiles of log10-balances?

b) What are the mean and sd of the log10-balances?

c) What is a 95% range of the log10-balances?

d) What is a 95% range of the balances in $s? State in English what the two boundaries mean.

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M918075

Have any Question? 


Related Questions in Statistics and Probability

1 what does the reliability coefficient of a measure

1. What does the reliability coefficient of a measure indicate if it is .60? .OO? 1.00? 2. What does a correlation coefficient tell us? Why are correlation coefficients useful when assessing reliability? 3. What are the ...

According to a recent poll 29 of adults in a certain area

According to a recent poll, 29% of adults in a certain area have high levels of cholesterol. They report that such elevated levels "could be financially devastating to the regions healthcare system" and are a major conce ...

In this exercise we present a family of algorithms each of

In this exercise, we present a family of algorithms, each of which produces the men's courtship matching, and contains the Gale-Shapley algorithm. Consider the following algorithm for matching men and women. At the start ...

According to pew research center 71 of internet users

According to Pew Research Center, 71% of Internet users accessed video-sharing sites in August2011. A random sample of 50 Internet users was selected. Using the normal approximation to thebinomial distribution, what is t ...

Random and independent samples of 80 recent prime time

Random and independent samples of 80 recent prime time airings from each of two major networks have been considered. The first network aired a mean of 110.7  commercials during prime time, with a standard deviation of 4. ...

1nbspa camp director is interested in the average number of

1. A camp director is interested in the average number of letters each child sends during his/her camp session. The population standard deviation is known to be 2.5. A survey of 45 campers is taken. The average from the ...

Assignment1 assume the speed of vehicles along a stretch

Assignment 1. Assume the speed of vehicles along a stretch of I-10 has an approximately normal distribution with a mean of 71 mph and a standard deviation of 8 mph. The current speed limit is 65 mph. a. What proportion o ...

Through the feasted landscapes sustainability in american

Through the Feasted Landscapes Sustainability in American Topics, Chapter "The Work of the U.S. Sanitary Commission (1864)": 1. At first, who resisted civilian participation in providing food supplies and medical assista ...

An alternative to the experiment in q3 to investigate

An alternative to the experiment in Q.3 to investigate whether loud music tends to increase the time it takes mice to complete a maze would involve randomly assigning say, 50 mice to two groups. The 25 mice in Group A (c ...

A consumer psychologist asked to test a claim by a swimming

A consumer psychologist asked to test a claim by a swimming school that its instructors could teach the average seven-year-old to swim across an Olympic-sized pool in less than 2 minutes. The psychologist arranged for ei ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen